The Independent Petroleum Marketers Association of Nigeria (IPMAN) says filling stations across the Federal Capital Territory (FCT) are expected to begin reducing petrol pump prices in the coming days.

IPMAN National Publicity Secretary, Chinedu Ukadike, disclosed this during an interview with the News Agency of Nigeria (NAN) on Thursday in Abuja.

Ukadike said petroleum marketers were preparing to review their pricing and sales strategies as new petrol products enter the market.

According to him, the arrival of the products could trigger changes in the current market, prompting marketers to adjust their prices and product offerings to ensure continued access for consumers.

He, however, said the exact date for the arrival of the products remained uncertain because marketers had yet to receive a definite commencement date.

He explained that the process would be carried out in line with existing rules and regulations.

“Once the new products begin arriving, marketers are expected to respond quickly by reviewing their prices and updating their product offerings,” Ukadike said.

He added that once marketers begin purchasing the products, they would adjust their pump prices and make the new products available to consumers.

“The purchases can begin in a few days, depending on when the process officially commences,” he said.

The development is expected to bring further changes to the downstream petroleum market as filling stations adjust their prices.

Meanwhile, the Dangote Petroleum Refinery increased its Premium Motor Spirit (PMS) gantry price by N65 per litre, from N1,200 to N1,265, effective August 29.

The latest increase marked the third price hike announced by the refinery within eight days and was subsequently reflected in petrol prices at some filling stations.